Benefits of Being a First-Time Homebuyer in 2022
Whether you’re currently attending college or about to move into a home with your newlywed, buying your first home can become a stressful endeavor. No matter how much you research, it can feel unclear, and you don’t want to spend more money than necessary.
It’s easy to get wrapped up in the appeal of a home, only to find out that there’s a lot of work to do. Luckily, there are plenty of benefits of being a first-time home buyer in 2022 that won’t leave you scrambling. So, look and see what might appeal to you in your quest for a new home.
Tax Benefits
When it comes to finding the benefits of being a first-time homebuyer, you can get some fantastic tax benefits. Because the government incentivizes home ownerships via tax deductions, it can ease the financial burden on homeowners. You can see these deductions in your future tax returns and annual savings. It can deduct your interest and property tax payment, thus saving you more money.
Owning Appreciative Assets
When you buy a home in the right market at a good time, your property will appreciate over time. Because of the money you pour into your home revolving around maintenance, renovation, add-ons, and other adjustments, your home will become an investment rather than a monthly bill to pay. Even more so, when you decide to sell your home later, especially if it’s more than you paid for, you can turn a profit.
First-Time Homebuyer Program Perks
As you take the responsibility of owning a home for the first time, it can feel intimidating knowing you have to pay a mortgage and take care of everything yourself. Thankfully, you can find first-time homebuyer programs that reduce the financial burden you have while guiding you through the process. Some perks include reduced down payments and no limitations on income. GFA offers a few programs that you may be eligible to participate in. Find more information about them here.
Secured Retirement Funding
Over time, your lifelong goal is to have enough work and funding to retire at a reasonable age. With homeownership, investment appreciation increases the longer you own a home. When retirement approaches, you can approach it in a few different ways.
The first is to continue living in your home without financial burdens or mortgage down payments when you retire. If you wish to downsize, you can sell your home and use the excess money as additional income. Lastly, you can rent out the space and generate extra income that way.
Predictable Monthly Mortgage Payments
With homeownership, you won't worry about sudden rent increases from a landlord. Because you're paying a mortgage, your monthly payments will remain relatively static, especially if you have a fixed-rate mortgage. Since your payments go towards your ownership, you’ll complete your loan and won’t have to worry about drastic payment adjustments.
Homeownership can take time to understand; we at GFA Federal Credit Union provide professional credit union mortgage lenders to help you on your home purchasing journey. If you have any inquiries about our services, please get in touch with us today.